Is It Possible That an Independent Central Bank Is Impossible? The Case of the Australian Notes Issue Board, 1920-1924
研究澳大利亚纸币发行委员会（1920-1924年）的历史，说明该委员会虽被设计为独立货币当局，但因政策触怒政府依赖的利益集团而很快被废除，从而质疑真正独立货币当局的可能性。
The history of the Australian Notes Issue Board over the period 1920-1924 is presented. It is shown that the Board was created as a genuinely independent monetary authority, but was soon abolished, as its policies antagonised interests upon which the government depended. The episode illustrates the thesis that the possibility of a genuinely independent monetary authority is problematic.